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We use the history of private limited liability companies (PLLCs) to challenge two pervasive assumptions in the literature: (1) Anglo-American legal institutions were better for economic development than continental Europe’s civil-law institutions; and (2) the corporation was the superior form...
Persistent link: https://www.econbiz.de/10003811001
This article challenges the idea that the corporation is a globally superior form of business organization and that the Anglo-American common-law is more conducive to economic development than the code-based legal systems characteristic of continental Europe. Although the corporation had...
Persistent link: https://www.econbiz.de/10003468396
Persistent link: https://www.econbiz.de/10011482843
In about a quarter of US states, all residential mortgages are essentially non-recourse, meaning that in case of default, the lender can only repossess the house but cannot collect on the private assets and future income of the borrower. This American innovation is now beginning to attract...
Persistent link: https://www.econbiz.de/10013108571
The recourse-non-recourse dimension is fundamental in any loan as it deals most directly with the pool of assets out of which lender can collect at delinquency and default. This paper calls attention to an exceptional feature of the American home mortgage market, compared to mortgage markets...
Persistent link: https://www.econbiz.de/10013144700
Persistent link: https://www.econbiz.de/10012181723
We use the history of private limited liability companies (PLLCs) to challenge two pervasive assumptions in the literature: (1) Anglo-American legal institutions were better for economic development than continental Europe's civil-law institutions; and (2) the corporation was the superior form...
Persistent link: https://www.econbiz.de/10014221754
Many US states mandate only non-recourse mortgages for dwellings, thus limiting choice and raising prices. Given the perceived benefit of such mortgages, it is a puzzling fact that no lenders currently offer them in "choice" states. We simulate a housing market with a spectrum of borrowers with...
Persistent link: https://www.econbiz.de/10013110151
This article recalls the fact that in Britain (and elsewhere), until the mid-19th century, neither company legislation, nor jurists or economists, envisioned companies to be private or small. Nevertheless, once freedom of incorporation and general limited liability were enacted, a new practice...
Persistent link: https://www.econbiz.de/10013143118